US-based digital media provider Refinery29 raised $50m in series D funding today from media company Scripps Networks Interactive and WPP Ventures, the corporate venturing arm of marketing firm WPP.
Refinery29 operates a lifestyle media site aimed at women that attracts more than 25 million monthly visitors. It claims to have doubled in growth in each of the last three years, at the same time expanding from style content to also cover politics, culture, food and technology.
The capital will support international expansion as Refinery29 aims to launch new sites in other countries and extend its video and entertainment content. It also intends to further focus its content on mobile and social readers.
No valuation has officially been disclosed, though a report in Fortune in March suggested the round would be raised at a $240m valuation. Refinery29 has now raised approximately $80m since the site was launched in 2005, including $20m from growth equity firm Stripes Group in October 2013.
An additional $5.6m was reportedly raised in a January 2013 series B round backed by media group Hearst, Floodgate, Lead Edge Capital, First Round Capital and Lerer Ventures, though Hearst is no longer listed as an investor on Refinery29’s site.
Joseph NeCastro, chief development officer of Scripps Networks Interactive, will join Refinery29’s board together with an as yet unnamed representative from WPP Ventures.
NeCastro said: “Scripps Networks Interactive has built its global business on a deep understanding of the creation of compelling content that appeals to women across multiple geographies and devices.
“Refinery29 is committed to building an influential brand that connects with millennial women across the world, and we’re excited about the prospect of working in partnership with the team as they continue to expand their coverage and reach.”